Relay Therapeutics, Inc. (NASDAQ:RLAY) Short Interest Update

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) was the recipient of a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 23,160,000 shares, an increase of 19.0% from the April 30th total of 19,470,000 shares. Approximately 14.5% of the company's shares are sold short. Based on an average daily volume of 2,570,000 shares, the days-to-cover ratio is currently 9.0 days.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RLAY. Wells Fargo & Company began coverage on Relay Therapeutics in a report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 price objective for the company. Guggenheim decreased their target price on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Stifel Nicolaus decreased their target price on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. HC Wainwright reaffirmed a "buy" rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Friday, March 7th. Finally, The Goldman Sachs Group decreased their target price on Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $17.67.

Insider Transactions at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 12,943 shares of the business's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total transaction of $38,829.00. Following the completion of the transaction, the chief financial officer now owns 355,376 shares in the company, valued at $1,066,128. The trade was a 3.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjiv Patel sold 61,422 shares of the business's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total value of $182,423.34. Following the transaction, the chief executive officer now owns 821,667 shares of the company's stock, valued at approximately $2,440,350.99. The trade was a 6.96% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 94,320 shares of company stock worth $280,981. 4.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RLAY. Acadian Asset Management LLC increased its position in Relay Therapeutics by 2,256.1% during the 1st quarter. Acadian Asset Management LLC now owns 682,028 shares of the company's stock valued at $1,785,000 after buying an additional 653,081 shares in the last quarter. Jane Street Group LLC increased its position in Relay Therapeutics by 47.6% during the 1st quarter. Jane Street Group LLC now owns 111,472 shares of the company's stock valued at $292,000 after buying an additional 35,962 shares in the last quarter. Woodline Partners LP increased its position in Relay Therapeutics by 448.4% during the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock valued at $3,979,000 after buying an additional 1,241,657 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Relay Therapeutics during the 1st quarter valued at about $53,000. Finally, Murchinson Ltd. acquired a new position in Relay Therapeutics during the 1st quarter valued at about $26,000. 96.98% of the stock is owned by institutional investors.

Relay Therapeutics Trading Up 3.7%

Shares of RLAY traded up $0.12 during trading hours on Friday, hitting $3.36. The company had a trading volume of 1,765,054 shares, compared to its average volume of 2,077,969. The company has a market capitalization of $576.06 million, a PE ratio of -1.29 and a beta of 1.59. Relay Therapeutics has a one year low of $1.78 and a one year high of $10.72. The company's fifty day moving average price is $2.84 and its two-hundred day moving average price is $3.66.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. The company had revenue of $7.68 million during the quarter, compared to the consensus estimate of $0.01 million. The company's revenue was down 23.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.62) earnings per share. Analysts forecast that Relay Therapeutics will post -2.55 earnings per share for the current year.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc operates as a clinical-stage precision medicines company. It engages in transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The company's lead product candidates include RLY-4008, an oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), which is in a first-in-human clinical trial for patients with advanced or metastatic FGFR2-altered solid tumors; RLY-2608, a lead mutant-PI3Ka inhibitor program that targets phosphoinostide 3 kinase alpha; and Migoprotafib (GDC-1971), an oral, small molecule, potent and selective inhibitor of the protein tyrosine phosphatase SHP2 that binds and stabilizes Src homology region 2 domain-containing phosphatase-2 (SHP2) as a monotherapy in patients with advanced or metastatic solid tumors.